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Chapter 20. VESTING OF BENEFITS. Right to receive benefits NOT contingent upon continued employment. PLAN FUNDING. CONTRIBUTORY : Employees pay part of funding. NONCONTRIBUTORY : Employees DON’T pay. To record PENSION EXPENSE is simple:. Prepaid asset for over

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slide2
VESTING OF BENEFITS
  • Right to receive benefits NOT contingent upon continued employment.

PLAN FUNDING

CONTRIBUTORY: Employees pay part of funding.

NONCONTRIBUTORY: Employees DON’T pay.

slide3
To record PENSION EXPENSE is simple:

Prepaid asset for over

payments……………….$XX.XX

Pension expense……….. $XX.XX

Cash……………..$XX.XX

Liability for underpayments…. $XX.XX

DEFINED CONTRIBUTION PLANS

slide4
DEFINED BENEFIT PLAN

Pension expense is MUCH MORE COMPLEX

And not all that popular in private industry anymore:

18% of private sector workers have Defined Benefit Plan

while

80% of government workers have them

(USA Today February 21, 2007).

slide5
Scenario: Lone Pine Corporation is a SOFTWARE development Co. in Central Oregon.

We focus on ONE employee; Nicole Whitney.

  • Pension Plan: Noncontributory defined benefit plan.
  • Inception date: January 1, 2008.
  • Co. start date: January 1, 2008.
  • Starting salary: $45,000/year.
  • Age on 1/1/08: 40
  • Expected retirement date: December 31, 2032 (after 25 years of service).
  • Expected salary at retirement: $150,000/yr
  • PENSION BENEFIT FORMULA: Annual retirement payment = 2%(1 year of service)(final salary)
  • Lone Pine vests 10% of benefits after the first year, 15% after the second year, then conforms to present ERISA schedule (20% of total benefits vested after the third year, and so forth.
  • Settlement/Discount rate and expected long-term rate of return on pension plan assets (expected equals actual return) is 10%.
slide6
Nicole’s expected retirement period is 10 years; payments made at end of each calendar year during retirement.
  • Contributions are made to the pension plan (funding) at the END of the service years.
      • First contribution- 12/31/08
      • Last contribution- 12/31/32
  • Retirement benefit payments are made at the END of the retirement years:
      • First payment 12/31/33
      • Last payment 12/31/42
slide7
PENSION EXPENSE

1. SERVICE COST.

2. INTEREST COST.

3. ACTUAL RETURN ON PLAN ASSETS.

4. AMORTIZATION OF PRIOR SERVICE COST.

5. GAIN OR LOSS RECOGNIZED.

S I R P G O L

slide8
SERVICE COST.

PENSION EXPENSE

-Is the actuarial present value of the pension benefits

attributed to employee service based on the pension benefit

formula.

In this example the formula is:

Benefit payment = 2%(1 year of service)(Final salary)

$3,000 =

2%(1)($150,000)

This is the actual amount of money that Nicole will earn

in each year of retirement based on this ONE year she just

worked.

Graphically it looks like this:

slide9
Service Cost is the PRESENT VALUE of this $3,000 annuity

stream at time zero.

12/31/32 makes it an ORDINARY annuity

$3,000(6.14457)

T 6-4, 10%, 10 per = $18,433.71

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

12/31/42

1/1/08

12/31/08

12/31/33

Start

Time Zero

First retirement

check

Last retirement

check

$18,433.71 x .10153 = $1,872

T 6-2, 10%, 24 years

slide10
All those $3,000 annuity payments shrink down and become

$1,872 in total as a charge against 2008 income.

  • If this was all we had to worry about for 2008 the pension expense entry would look like this if $1500 were contributed:

Pension expense………. $1,872

Cash………………………$1,500

Pension Asset/ Liability….. $372

Is a LIABILITY which represents the amount the pensionfund is under-funded.

slide11
If instead, the company had decided to pay in $1900 to fund

the pension in 08 then the entry would have looked like this:

Pension expense………. $1,872

Pension Asset/Liability $ 28

Cash………………………$1,900

Is an ASSET.

slide12
In 2008 (first year) this is the ONLY piece of

PENSION EXPENSE.

But a company would also need to be compiling lots of

information for the footnotes and for comprehensive income

regarding the liability which is building….

slide13
Employer Pension Obligations

Projected Benefit Obligation

Is the estimate of pension obligation based on EXPECTED

FUTURE values.

In our example, the PBO so far would be the PV of the

service cost we just calculated or $1,872.

Lone would need to currently invest $1872 in order to be

able to pay out $3,000 a year when its needed in the

retirement years.

PBO

slide14
Employer Pension Obligations

Accumulated Benefit Obligation

Is the estimate of pension obligation based on CURRENT

salaries.

Going back to the formula:

.02 (1 yr) ($45,000 current salary) = $900

Then we’d have to find the PV of a $900 annuity stream

which would be $900(6.14457)(.10153) = $561

ABO

slide15
Employer Pension Obligations

Vested Benefit Obligation

Is the estimate of pension obligation based on VESTED

salaries.

Going back to the formula:

.02 (1 yr) ($45,000 current salary)(.10 vested) = $90

Then we’d have to find the PV of a $90 annuity stream

which would be $90(6.14457)(.10153) = $56

VBO

slide16
Generally

PBO >

ABO >

VBO

slide17
PLAN ASSETS

Represent what the firm does with money contributed to the

pension plan. It is probably investments like stocks, bonds, etc..

  • The plan assets ARE NOT recorded on the books of the firm.
    • They are instead recorded on the books of the TRUSTEE FIRM. The employing firm shows this information in their footnotes.
  • We usually need to obtain the FMV of the plan assets at least once a year.
slide18
Remember Pension Expense is made up of multiple

components:

1. Service Cost

2. Interest cost

3. Return on Plan Assets

4. Amortization of Prior Service Cost

5. Gain or loss component.

So as we go into year two we’d have to calculate ANOTHER

service cost but the way things work we’d first be figuring

out the interest cost….

slide19
INTEREST COST

Represents the cost of not paying the pension. Even tho its

not due yet, you still have to calculate an interest charge.

Interest cost = Beginning PBO x Settlement Rate

$187 =

$1,872 x .10

This is the interest charge for the SECOND year of operation.

In the first year the only charge was service cost of $1,872.

slide20
Now for the second year, so far we know the Pension

Expense has an interest cost of $187. But in the second year

we can also analyze how the Return on the Plan Assets impacts

the pension expense.

1. Service Cost

2. Interest cost $187

3. Return on Plan Assets

4. Amortization of Prior Service Cost

5. Gain or loss component.

slide21
Actual Return on Plan Assets
  • If there is a positive return on plan assets, thatREDUCES the pension expense.
  • Makes sense; if the investment for the pension is making money, then that should reduce the cost of the pension expense.
  • Suppose in 2009 the actual return on plan assets = $150.
slide22
You can find the actual return by using this formula:

Beginning fund balance…………………… $XX.XX

+ Actual return on plan assets during period.. $XX.XX

+ Employer contributions……………………. $XX.XX

- Benefit payments…………………………… $XX.XX

-----------------------------------------------------------------------

Ending fund balance……………………….. $XX.XX

slide23
Now pension expense looks like this:

1. Service Cost

2. Interest cost $187

3. Return on Plan Assets ($150)

4. Amortization of Prior Service Cost

5. Gain or loss component.

Now its time to figure out 2009 Service Cost.

slide24
Service cost for 2009 is the PV of another 10 year annuity stream

earned in 09 to be given in retirement. So basically it’s the same

as last time only when the PV of the lump sum is calculated its

for one year less than before.

12/31/32 makes it an ORDINARY annuity

$3,000(6.14457)

T 6-4, 10%, 10 per = $18,433.71

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

$3,000

New Time Zero

12/31/09

12/31/42

1/1/08

12/31/08

12/31/33

Start

Old Time Zero

First retirement

check

Last retirement

check

$18,433.71 x .11168 = $2,059

T 6-2, 10%, 23 not 24 years

slide25
Now pension expense looks like this:

1. Service Cost $2,059

2. Interest cost $187

3. Return on Plan Assets ($150)

-----------------------------------------------

Pension expense $2, 096

4. Amortization of Prior Service Cost

5. Gain or loss component.

If in 2009, $2,000

was funded….

Pension expense…….. $2,096

Pension Asset/Liability…….. $96

Cash…………….…………$2,000

slide26
PENSION

WORKSHEETS

slide27
Pension Worksheets bring together reports of the ACTUARY

and the TRUSTEE.

  • FORMAL RECORDS: Are actually in the ledger and appear on the left-hand side of the work- sheet.
  • INFORMAL RECORDS: Do not appear on the balance sheet and are on the right-hand side of the worksheet.
slide28
Formal records

Informal records

Dr

Pension

Expense

Cr

Pension Asset/

Liability

Projected Benefit

Obligation

Plan Assets

Cash

Items

slide29
Dr

Pension

Expense

Cr

Pension

Asset/Liab

PBO

Plan Assets

Cash

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

Pension Expense……. $1,872

Pension Asset/Liability…….…. $372

Cash………………………….. $1,500

RECONCILIATION:

PBO $1,872

-

Plan

Assets $1,500

----------------------

Pension Asset

Liab $372

Closed out

slide30
Dr

Pension

Expense

Cr

Ppd/Accd

Pension Cost

Cr

Cash

PBO

Plan Assets

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

Actual

Return

($150)

+150

Contributions

$+2,000

$+2,000

$2,096

$96

$2,000

$4,118

$3,650

Journal

Entry 12/31/09

Pension expense…. $2,096

Cash……………..…… $2,000

Pension Asset/Liability $96

slide31
Dr

Pension

Expense

Cr

Ppd/Accd

Pension Cost

Cr

Cash

PBO

Plan Assets

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

PBO $4,118

-

Plan

Assets $3,650

----------------------

Pension Asset/

Liab $468

Actual

Return

($150)

+150

Contributions

$+2,000

$+2,000

$2,096

$96

$2,000

$4,118

$3,650

Journal

Entry 12/31/09

RECONCILIATION:

Balance

12/31/09

$468

slide32
Now we can deal with the 4th component

of pensions:

1. Service Cost $2,059

2. Interest cost $187

3. Return on Plan Assets ($150)

4. Amortization of Prior Service Cost

5. Gain or loss component.

slide33
Amortization of Prior Service Cost
  • Comes from granting pension benefits for service rendered BEFORE the pension plan began or from plan amendments.
  • Its creation results in an INCREASE IN PBO
  • Assume on 1/1/09 Lone Pine Co. AMENDS its plan to award Nicole an additional annual $500 retirement benefit for service rendered in 2008.
      • At this time Nicole has 24 years remaining and is expected to draw 10 retirement payments.
slide34
Prior Service Cost Amendment

Putting this into the worksheet would look like as follows:

12/31/32 makes it an ORDINARY annuity

$500(6.14457)

T 6-4, 10%, 10 per = $3,072

$500

$500

$500

$500

$500

$500

$500

$500

$500

$500

12/31/42

1/1/08

1/1/09

12/31/33

Start

Time Zero

First retirement

check

Last retirement

check

$3,072 x .10153 = $312

T 6-2, 10%, 24 years

slide35
Dr

Pension

Expense

Cr

Pension

Asset/Liab

Cr

Cash

OCI

PSC

Plan Assets

PBO

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

$+312

$+312

Unamortized PSC

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

Actual

Return

+150

($150)

Contributions

$+2,000

$+2,000

Journal

Entry 12/31/09

$2,096

$96

$2,000

$4,118

$3,650

slide36
Dr

Pension

Expense

Cr

Pension

Asset/Liab

Cr

Cash

OCI

PSC

Plan Assets

PBO

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

$+312

$+312

Unamortized PSC

Service

Cost

$+2,059

$+2,059

It is a worksheet entry to

record its creation.

Interest

Cost

$+187

$+187

Actual

Return

+150

($150)

Contributions

$+2,000

$+2,000

Journal

Entry 12/31/09

$2,096

$96

$2,000

$4,118

$3,650

slide37
Dr

Pension

Expense

Cr

Pension

Asset/Liab

Cr

Cash

OCI

PSC

Plan Assets

PBO

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

$+312

$+312

Unamortized PSC

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

PSC Amortz

+31

-31

Actual

Return

+150

($150)

Contributions

$+2,000

$+2,000

Journal

Entry 12/31/09

$2,096

$2,127

$96

$2,000

$+312

$4,118

$3,650

$281

Then during 2009 part of the PSC would need to be amortized. Say 1/10

slide38
Dr

Pension

Expense

Cr

Pension

Asset/Liab

Cr

Cash

OCI

PSC

Plan Assets

PBO

Items

PBO $4,430

-

Plan

Assets $3,650

----------------------

Pension Asset/

Liab $780

Beg Bal at 1/1/09

$372

$1,872

$1,500

$+312

$+312

Unamortized PSC

Pension expense…. $2,127

OCI (PSC)………... 281

Cash……………….…… $2,000

Pension Asset/Liability… $408

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

PSC Amortz

+31

-31

RECONCILIATION:

Actual

Return

+150

($150)

Contributions

$+2,000

$+2,000

Journal

Entry 12/31/09

$2,096

$2,127

$408

$96

$2,000

$+312

$4,118

$4,430

$3,650

$281

AOCI 1/1/09 $0

$780

$281

Bal 12/31/09

slide39
Gain or Loss COMPONENT

of Pension Expense

  • Is made up of TWO PARTS.

UNEXPECTED

GAINS and LOSSES

Also called

ASSET GAINS/LOSSES

Other Comprehensive

Income (G/L)

slide40
Other Comprehensive

Income (G/L)

There are (2) kinds of OCI (G/L) pension gains/losses:

1. LIABILITY GAINS/LOSSES

Actual PBO does not equal Actuary PBO

2. UNEXPECTED GAINS/LOSSES

Actual Return on Plan Assets does not equal

Expected Return on Plan Assets

slide41
Other Comprehensive

Income (G/L)

These two together form ONE CLASSIFICATION of

pension expense known as OCI (G/L)

1. LIABILITY GAINS/LOSSES

Actual PBO does not equal Actuary PBO

+

2. UNEXPECTED GAINS/LOSSES

Actual Return on Plan Assets does not equal

Expected Return on Plan Assets

OTHER COMPREHENSIVE INCOME GAINS/LOSSES

slide42
OCI (G/L)

They are put in comprehensive income because they are not

charged to Pension Expense right away. Instead they are stored

and amortized over a period of years (if ever).

If they ever do get recognized they have to be bigger than

something known as the CORRIDOR.

That’s because the FASB is trying to cut the volatility of

such increases/decreases.

slide43
Going back to our example, remember that on 12/31/09

our PBO had grown to $4,118 (rounded) (before considering the

‘what if’ PSC change).

  • Suppose that on 1/1/10 the discount rate is changed from 10% to 8% resulting in an INCREASE in the PBO to $6,857.
  • Thus:
    • We thought our obligation was $4,118
    • But its actually now…………… 6,857

LIABILITY LOSS………….. $2,739

  • Assume no unexpected gain occurs (ARPA = ERPA)
  • THUS this liability is the total OCI (G/L).
slide44
THE FIRST RULE IS, THAT THIS OCI (G/L)

MUST SIT FOR AN ENTIRE YEAR BEFORE IT CAN EVEN

BE CONSIDERED AS A POSSIBLE PART OF PENSION

EXPENSE.

It would get logged into the pension worksheet as follows:

OCI (G/L)

Little OCI loss waiting a year

slide45
Dr

Pension

Expense

Cr

Pension

Asset/Liab

Cr

Cash

OCI

G(/L)

Plan Assets

PBO

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

Actual

Return

+150

($150)

Contributions

$+2,000

$+2,000

Journal

Entry 12/31/09

$2,096

$96

$2,000

$4,118

$3,650

Liab increase

+$2,739

($2,739)

slide46
At the end of the 2009, NONE of that liability loss

(OCI (G/L) would be eligible to go into pension expense.

THE BALANCE MUST EXIST IN OCI (G/L)

AT THE START OF THE YEAR IN ORDER

TO BE CONSIDERED ELIGIBLE.

OCI (G/L)

slide47
The Corridor....

Is the BARRIER that keeps unexpected gains/losses from

being recognized EVEN AFTER they’ve waited for a whole

year.

THE CORRIDOR EQUALS THE GREATER OF:

10% x Beginning value of PBO

OR 10% x Beginning Market Related Value of Plan Assets

slide48
The Corridor....

OCI (G/L)

Suppose at the BEGINNING of

a year there existed an $1,800

OCI (L). Also beginning

PBO was $20,000 and beginning

MRVPA was $15,000.

THE CORRIDOR EQUALS THE GREATER OF:

10% x $20,000 = 2,000

OR 10% x $15,000 = $1,500

Thus $2,000 corridor > $1,800 OCI loss and NONE

is recognized for current year.

slide49
Suppose instead that beginning OCI loss was $100,000.

Also, as before beginning PBO was $20,000 and

beginning MRVPA was $15,000.

$2000 is still the

corridor

THE CORRIDOR EQUALS THE GREATER OF:

10% x $20,000 = 2,000

OR 10% x $15,000 = $1,500

Thus $2,000 corridor < $100,000 OCI loss so $98,000

is ELIGIBLE for amortization in current year.

However, it may be spread out for years based on service yrs

(e.g., $98,000/20 = $4,900 is added to pension expense.

slide50
Suppose instead that beginning OCI loss was $100,000.

Also, as before beginning PBO was $20,000 and

beginning MRVPA was $15,000.

$2000 is still the

corridor

THE CORRIDOR EQUALS THE GREATER OF:

10% x $20,000 = 2,000

OR 10% x $15,000 = $1,500

Thus $2,000 corridor < $100,000 OCI loss so $98,000

is ELIGIBLE for amortization in current year.

However, it may be spread out for years based on service yrs

(e.g., $98,000/20 = $4,900 is added to pension expense.

slide51
$4900

Suppose instead that beginning OCI loss was $100,000.

Also, as before beginning PBO was $20,000 and

beginning MRVPA was $15,000.

$2000 is still the

corridor

THE CORRIDOR EQUALS THE GREATER OF:

10% x $20,000 = 2,000

OR 10% x $15,000 = $1,500

Thus $2,000 corridor < $100,000 OCI loss so $98,000

is ELIGIBLE for amortization in current year.

However, it may be spread out for years based on service yrs

(e.g., $98,000/20 = $4,900 is added to pension expense.

slide52
This much gets through into pension expense!

sits and

waits for

another year

$4900

Suppose instead that beginning unrecognized loss was $100,000.

Also, as before beginning PBO was $20,000 and

beginning MRVPA was $15,000.

$2000 is still the

corridor

THE CORRIDOR EQUALS THE GREATER OF:

10% x $20,000 = 2,000

OR 10% x $15,000 = $1,500

Thus $2,000 corridor < $100,000 unrecognized loss so $98,000

is ELIGIBLE for amortization in current year.

However, it may be spread out for years based on service yrs

(e.g., $98,000/20 = $4,900 is added to pension expense.

slide53
Dr

Pension

Expense

Cr

Pension

Asset/Liab

Cr

Cash

OCI

G/(L)

Plan Assets

PBO

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

It would look like this in the worksheet.

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

Actual

Return

+150

($150)

Contributions

$+2,000

$+2,000

Journal

Entry 12/31/09

$2,096

$96

$2,000

$4,118

$3,650

OCI (L) amtz

+4,900 (this would reduce the existing

OCI (L) of $100K (just made up)

+$4,900

slide54
The rest of him forms back together, he’s JUST FINE, and he gets

THROWN BACK OVER THE CORRIDOR TO WAIT ANOTHER!

slide55
Remember tho, pension expense is made up of TWO

COMPONENTS:

OCI (G/L)

UNEXPECTED

GAINS and LOSSES

slide56
UNEXPECTED

GAINS and LOSSES

Is the second component of pension expense each year.

But unexpected gains/losses IS ALSO one of the two pieces of

OCI gains/losses!

Doesn’t it seem that if we count it here again, we are

double counting????

We aren’t.

slide57
UNEXPECTED

GAINS and LOSSES

Adjusting for unexpected gains/losses as a separate component

of pension expense is another smoothing technique.

When the FASB allows the ACTUAL RETURN on plan assets

to be subtracted from pension expense, what it “really” wants

to allow to be subtracted is EXPECTED RETURN on plan

assets.

Thus, adjusting for “unexpected G/L” results in the expected

return on plan assets being subtracted from pension expense

instead of actual returns.

slide58
UNEXPECTED

GAINS and LOSSES

Suppose in a given year a firm had the following components of

pension expense:

Service Cost……………...…. $20

+ Interest expense………….. 10

- Actual Return on P.A……. (10)

---------------------------------------------

Pension Expense is…………. $20

But the FASB actually wants us to subtract only the expected

return on P.A. (in case there is something volatile that raised/

lowered the actual return in a given year).

slide59
UNEXPECTED

GAINS and LOSSES

Thus we have to find out how much EXPECTED RETURN on

P.A. is:

Plan assets value……………. $100

x expected ROR…………… 8%

----------------------------------------------

Expected return on P.A. $8

slide60
UNEXPECTED

GAINS and LOSSES

Now, we can rewrite the pension expense calculation using

“expected return on P.A.” instead.

Service Cost……………...…. $20

+ Interest expense………….. 10

- Expected Return on P.A……. (8)

---------------------------------------------

Pension Expense is…………. $22

Remember the pension expense with actual return

of $10 subtracted is $20. We need to make it come

out to $22.

slide61
UNEXPECTED

GAINS and LOSSES

Actual return on plan assets ……………… $10

- Expected return on plan assets………….. $8

Unexpected gain on plan assets…………… $2

slide62
UNEXPECTED

GAINS and LOSSES

Pension expense as it would really appear:

Service Cost……………...…. $20

+ Interest expense………….. 10

- Actual return on P.A. …… (10)

+ Unexpected Gain………… 2

---------------------------------------------

Pension Expense is…………. $22

The unexpected gain DID NOT reduce the cost of the pension

expense. All it did was result in only $8 being subtracted from

the cost (expected return) instead of the actual return of $10.

slide63
Dr

Pension

Expense

Cr

Pension

Asset/Liab

Cr

Cash

OCI

G(/L)

Plan Assets

PBO

Items

Beg Bal at 1/1/09

$372

$1,872

$1,500

Now this +2 unexpected gain and the $2,739 liability loss will

go together to become a $2,737 OCI loss that will wait

until next year to see if it can clear the corridor.

Service

Cost

$+2,059

$+2,059

Interest

Cost

$+187

$+187

unexpected

gain

+2

+2

Actual

Return

+150

($150)

Contributions

$+2,000

$+2,000

Journal

Entry 12/31/09

$2,096

$96

$2,000

$4,118

$3,650

Liab increase

+$2,739

($2,739)

2,737

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